Milwaukee-based Fiduciary Real Estate Development Inc. is planning a 280-unit apartment development at the southwest corner of Braun and Green Bay roads in Mount Pleasant.
According to city documents, the proposal is for a 39.4-acre site that’s under contract to be sold by Racine County. There, Fiduciary plans to construct 14 two-story flat buildings each containing 20 units.
The proposal is up for consideration on Wednesday by the village’s Plan Commission. The commission is scheduled to take up site, building and operation plans, along with a certified survey map application.
In a report to the city, Fiduciary wrote the proposal will “address the demand for high-quality, market rent residences in Mount Pleasant.” The firm later added that market research shows “sufficient demand” for market-rate rental housing in the area.
The units range in size from studio to three bedrooms. The buildings will have private entries with attached and detaches garages. The project calls for 458 parking stalls in addition to the 216 garage spaces.
Additionally, a club house to be built at the northeast corner of the parcel will feature a leasing office, pool, club room and fitness center. Site plans also identify a 9.4-acre commercial portion at the southeast corner of the development site. The commercial site will be developed at a later date, Fiduciary wrote.
“The high-quality amenities provided would be unique to this area of Mount Pleasant and key in attracting and retaining residents,” the developer wrote.
Fiduciary did not immediately respond to a request for further comment on the project.
Village staffers in a report to the commission recommended approval of the plans.
Developers see opportunities for residential projects in Racine County. For instance, Wauwatosa-based Wangard Partners Inc. broke ground on the first phase of a 278-unit project in Mount Pleasant.
At that time, Stewart Wangard, chief executive officer of Wangard Partners, said there was a “tremendous need for housing” for the area workforce. This is due in large part to the number of employers moving to or expanding their presence in the area, such as Foxconn Technology Group and Advocate Aurora Health. He said the area has seen an 11% growth in jobs since 2010, and that the housing market hasn’t kept up with that pace.
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